FX.co ★ United States manifests resilience in face of recession and stagnation

Many analysts are feeling optimistic about the future of the American economy, despite some growth slowdown in a number of states. According to Business Insider, this challenge has been faced by 50% of the states in the country.

Now, how did this happen? On one side, there's hope for economic revival, but on the flip side, the worsening situation is casting a shadow over the whole scenario. According to the estimates by the Federal Reserve Bank of Philadelphia, the count of states experiencing a noticeable decline in the last three months has jumped from 16 to 27.

Notably, economic indicators in 7 out of the top 10 most significant states have shown marked improvement. Experts based their findings on data provided by the FRB Philadelphia for the three months leading up to October 2023. Changes in non-agricultural employment, as well as the average hours worked, unemployment rate, and wages in the US, have remained quite stable. So, positivity persists, pushing the US economy through challenges toward the stars.

According to analysts, the US economy is forging ahead despite worsening key indicators in some major states. Let's remember that California, Texas, Florida, Illinois, Pennsylvania, Georgia, and North Carolina contribute significantly to the overall GDP of the country.

Experts are confident that these efforts are enough to steer the American economy away from recession and stagnation. In this current quarter, these states have played a substantial role in keeping the economic outlook positive. Economists believe that the market is also tuned into a positive direction. This is backed by a substantial surge in the stock market in November and favorable economic forecasts for 2024.